Is RE contract canceled if buyer needs additional time to close

Put a contract and deposit of $2500. down on a house with a contingency needing to sell my house before I can buy this one. Realtor also put a closing date of Nov 1. on the contract. The realtor worded the contingency whereas Buyer wants 90 days to sell their home. The real estate agent KNEW that the closing was to be contingent on selling my home but worded it "not exactly correct". The 90 days are past, my house is not sold but just received contract on it yesterday ande could close on the new house around the 25th of Nov. The realtor says the sellers refuse to extend the contract past Nov 1 and that the deposit will be lost. WHAT RECOURSE DO I HAVE?

Can sellers actually obtain a new buyer & close before the 25th? What does your agent say? If you don't have one, then is the realtor acting as a dual agent? If so, realtor may have breached his/her duty to you by wording the contract incorrectly & not protecting your rights/wishes. It sounds like sellers wanted a 'time is of the essence' clause & you didn't. By picking their term, realtor showed favoritism & breached ethical duty to act in your best interests.

Read the contract and see what gives S the right to keep the deposit. If your offer & contract were contingent on selling your house first, then you haven't breached & S may not be able to keep the money. It's time to get a real estate attorney. Usually a 30 day delay is not considered a material breach sufficient to allow S to terminate the contract.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. ppls@qwest.net - please include some facts so I know who you are!